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Lifetime SIPP – What went wrong?

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Self-invested personal pension (SIPP) provider Lifetime SIPP recently entered administration. This followed many complaints made against the company from investors claiming mis-selling of products.

The company cited the number of complaints made as one of the reasons for Lifetime SIPP entering administration. However, the nature of the complaints that led to the firm’s collapse was not made clear.

The Financial Services Compensation Scheme (FSCS) could see millions of pounds worth of claims following the collapse.

Lifetime SIPP and Harlequin

One scheme on the books of Lifetime SIPP is Harlequin. This has been the subject of hundreds of complaints from unhappy investors to the Financial Ombudsman Service (FOS). The property investment scheme lost investors a total of £390 million.

The resort scheme was investigated by the Serious Fraud Office. The scheme’s boss was charged with three counts of fraud last year and is due to face trial in January 2019.

The Financial Services Compensation Scheme (FSCS) is urging those who invested in the scheme to make a claim for compensation.

Lifetime SIPP and Hartley Pensions

Lifetime SIPP has now transferred 40 percent of its SIPPs to Hartley Pensions. It is set to transfer the remainder in the near future.

Managing director of Hartley Pensions, Denis McHugh, told the FT Adviser: “In accordance with an existing agreement, many Lifetime Sipp schemes were transferred to the Hartley Pensions Sipp prior to the Lifetime Sipp Company going into administration and are now members of the Hartley Pensions Sipp.  

“A number of further schemes are due to be transferred to Hartley Pensions and it is expected that those members’ schemes will transfer shortly as part of the same agreement.”

If you believe you could have been mis-sold a SIPP by Lifetime SIPP, get in touch with us today. Our team of solicitors can provide you with advice on the next steps to take.